Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $56,000 cash from the issue of common stock. 2. Paid $22,800 cash to purchase inventory. 3. Sold inventory costing $11,900 for $28,200 cash. 4. Physically counted inventory, had inventory of $7,600 on hand at the end of the accounting period. Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Inc Required B Bal Stmt Sheet Record the events in the T-accounts provided. Cash Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Merchandise Inventory Sales Revenue Beg. Bal Beg. Bal Bal End. Bal. End. Bal. Cost of Goods Sold Beg. Bal. End. Bal. Required in Stit >